Guosheng Securities: AI computing power reshapes the power supply architecture, and the three major advantages of 800VDC stand out

The Zhitong Finance App learned that Guosheng Securities released a research report saying that with the explosion in computing power demand brought about by AI model training, GPU cabinet power has risen significantly, and 800VDC stands out with the three advantages of streamlined architecture, reduced consumables, and native compatibility. Power module power continues to rise with GPUs from generation to generation, and power supply equipment has moved out, voltage architecture has been upgraded, and energy storage is provided simultaneously. Currently, the market is dominated by Taiwanese manufacturers. Mainland manufacturers are catching up and grasping the dual main lines of domestic substitution and structural upgrading.

Guosheng Securities's main views are as follows:

The explosion of AI computing power demand is driving a revolution in data center power supply architectures, and 800VDC has become the core upgrade direction

Server power supplies are essentially switching power supplies. AI servers generally use UPS, AC/DC, and DC/DC three-level architectures to gradually step down the voltage to supply power to the chip. As the demand for computing power explodes due to AI large-scale model training, GPU cabinet power has increased significantly. From Nvidia Ampere's 10kW to Rubin's 200kW+ to Rubin Ultra with over 1MW of power, growth is expected to reach more than 100 times within ten years. Computing power racks are moving from kilowatts to megawatts, putting higher demands on the load capacity, conversion efficiency, and reliability of power supply systems.

Traditional low voltage architectures are difficult to support GW supercomputing centers. 800VDC stands out with the three advantages of streamlined architecture, reduced consumables, and native compatibility

The traditional low voltage DC bus (48-54VDC) + copper row scheme has significant shortcomings after the power of a single cabinet exceeds 200kW, including power equipment crowding out cabinet space, a single 1MW cabinet with a copper row weighing 200 kg, and 500,000 tons of copper consumables for GW grade parks. Thanks to the maturity of SiC/GaN devices and the 800V electric vehicle industry foundation, 800VDC can drastically reduce power conversion and wiring usage, significantly reduce current and copper usage, and maintain standardized and unified deployment, making it an optimal architecture to meet existing computing power supply requirements.

Nvidia's power supply solution evolved in four stages, with 800VDCPower Rack (Sidecar) as the core implementation solution at this stage

From the first stage traditional AC IT cabinet (2021-2024), the second-stage transitive Power Shelf 2024-2025), to the third-stage 800VDCPower Rack/Sidecar 2026-2027), to the long-term four-stage solid state transformer SST ultimate architecture 2028+). The third stage is to install AC-DC rectifier externally to an independent side power cabinet to free up computing power space in the cabinet and reduce transmission loss. It is a mainstream solution for short-term implementation. Furthermore, 800VDC can also be achieved through multiple paths such as centralized rectification in distribution rooms and medium voltage rectifier/SST.

Power module power continues to rise with GPU generation after generation, power supply equipment migration, voltage architecture upgrade, and simultaneous energy storage support

Taking Guangbao Technology as an example, its GPU power supply was upgraded from a 3.3 kW module in 2017 to a Power Shelf 110 kW, to a maximum of 1.2 mW; the power supply unit was gradually moved out of the server to an independent sidecar cabinet, the voltage architecture was switched to 800VDC, and the energy storage was upgraded from a single cabinet BBU to an integrated side cabinet, fully compatible with megawatt-class high-density AI computing power cabinets. Megmeet also launched two Power Shelf products, 110kWAC-800VDC and 90kW 800-50VDC.

Investment advice

Currently, the market is dominated by Taiwanese manufacturers (Delta and Guangbao). Mainland manufacturers are catching up at an accelerated pace and grasping the dual main lines of domestic substitution and structural upgrading. Megmeet's entry into the Nvidia supply chain is expected to increase its share. Zhongheng Electric is focusing on HVDC. Eurocom has already supplied Google, and Futetech and Aohai Technology are expanding from vehicle/consumer power to data centers. It is recommended to focus on Fute Technology, Hongfa Co., Ltd., Xinrui Technology, Zhongheng Electric, Megmeet, Eurocom, Tonghe Technology, Youyou Green Energy, and Aohai Technology.

Risk warning: Downstream demand falls short of expectations, risk of technology route iteration, and competition increases risk.